It is no secret that the world of cryptocurrency is rife with scams and hacks. In fact, it seems that hardly a week goes by without another major exchange or wallet being compromised. This has led many people to ask the question: is Electrum safer than Coinbase?
The short answer is yes, Electrum is definitely safer than Coinbase. Here’s why:
Coinbase is a centralized exchange, which means that it is centrally controlled by a single entity. This makes it a much more attractive Target for hackers than a decentralized exchange like Electrum.
Coinbase also holds your private keys for you, which means that if they are hacked, your coins are at risk. On the other hand, Electrum stores your private keys locally on your device, so even if their servers are hacked, your coins are safe.
Coinbase has also been known to suspend accounts without notice or explanation, which can obviously be very frustrating (and even financially devastating) for users. Electrum, on the other hand, has a very robust and transparent dispute resolution process.
So, in conclusion, yes – Electrum is definitely safer than Coinbase. If you’re looking for a safe and secure place to store your cryptocurrencies, you can’t go wrong with Electrum.